Arena Pharmaceuticals, Inc. (ARNA) Receives Average Rating of “Buy” from Analysts
Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) have been assigned a consensus rating of “Buy” from the ten analysts that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $36.00.
A number of brokerages have issued reports on ARNA. Wells Fargo & Company reiterated a “market perform” rating and set a $19.00 price objective (up previously from $15.00) on shares of Arena Pharmaceuticals in a research note on Wednesday, July 12th. Citigroup Inc. lifted their price objective on Arena Pharmaceuticals from $23.00 to $37.00 and gave the company a “buy” rating in a research note on Tuesday, July 11th. Cantor Fitzgerald reiterated a “buy” rating and set a $37.00 price objective on shares of Arena Pharmaceuticals in a research note on Monday, September 25th. BidaskClub cut Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Arena Pharmaceuticals in a research note on Tuesday, August 8th.
Several institutional investors and hedge funds have recently modified their holdings of ARNA. Bank of America Corp DE grew its holdings in shares of Arena Pharmaceuticals by 102.0% in the first quarter. Bank of America Corp DE now owns 96,379 shares of the biopharmaceutical company’s stock worth $141,000 after acquiring an additional 48,667 shares during the period. Strs Ohio bought a new stake in shares of Arena Pharmaceuticals in the second quarter worth $156,000. Airain ltd bought a new stake in shares of Arena Pharmaceuticals in the second quarter worth $178,000. Tudor Investment Corp ET AL grew its holdings in shares of Arena Pharmaceuticals by 95.4% in the first quarter. Tudor Investment Corp ET AL now owns 141,225 shares of the biopharmaceutical company’s stock worth $206,000 after acquiring an additional 68,966 shares during the period. Finally, American International Group Inc. grew its holdings in shares of Arena Pharmaceuticals by 7.1% in the first quarter. American International Group Inc. now owns 150,966 shares of the biopharmaceutical company’s stock worth $220,000 after acquiring an additional 9,959 shares during the period. 47.65% of the stock is owned by institutional investors.
Shares of Arena Pharmaceuticals (ARNA) opened at 27.26 on Wednesday. Arena Pharmaceuticals has a one year low of $11.30 and a one year high of $28.28. The company’s market cap is $1.07 billion. The company’s 50-day moving average price is $25.40 and its 200 day moving average price is $19.47.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.74) by ($0.03). The company had revenue of $6.49 million for the quarter, compared to analysts’ expectations of $5.58 million. Arena Pharmaceuticals had a negative net margin of 16.27% and a negative return on equity of 49.87%. The firm’s quarterly revenue was down 31.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.10) EPS. On average, equities research analysts anticipate that Arena Pharmaceuticals will post ($2.94) earnings per share for the current year.
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About Arena Pharmaceuticals
Arena Pharmaceuticals, Inc is a biopharmaceutical company. The Company is focused on developing small molecule drugs across a range of therapeutic areas. The Company has three primary investigational clinical programs: etrasimod (APD334) in Phase II evaluation for ulcerative colitis, APD371 entering Phase II evaluation for the treatment of pain associated with Crohn’s disease, and ralinepag (APD811) in Phase II evaluation for pulmonary arterial hypertension (PAH).
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